14% improvement in underwriting quality while reducing costs

Customer

Mortgage division of Top 25 US Bank

Business Situation

• Fragmented processes in underwriting
• Poor loan tracking mechanism leading to delay in underwriting
• Lack of Change Management process leading to non adherence to changing underwriting guidelines and poor quality loans

Solutioning

• Intelligent work Distribution
  • Critical high skilled work to onshore
  • Lower skilled work offshore
• Examples of offshore work
  • Basic calculations
  • Ordering and tracking documents
  • Review and indexing documents

Execution

• Reengineered processes to streamline handoffs/ interfaces with different departments/ groups
• All underwriting request/queries channeled to a dedicated mail box for quicker escalation and query handling
• Implemented Change Management procedure to ensure adherence to changing regulations so loan quality improved

Value Delivered

• 14% improvement in underwriting quality
• Reduced turn time for underwriting approval
• 40% lower operating cost